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2018 (1) TMI 854 - ITAT DELHIPenalty u/s 271(1)(c) - proof of furnishing inaccurate particulars - addition of improvement and transfer expenses incurred for the purposes of the property sold - Held that:- AO has not made any allegations of assessee for furnishing inaccurate particulars. Additions in fact have been made on account of improvement and transfer expenses incurred for the purposes of the property sold. Assessee has also made certain payments to one Mr.Anumod Sharma towards the dispute in the property sold under a compromise agreement which is a part of records. Further it would not be incorrect to hold that no information given in the return was found to be incorrect by Assessing Officer and disallowance is strictly because of a difference of opinion by Ld. AO. Hon’ble Delhi High Court has accepted assessee’s appeal against quantum order passed by ITAT on the following question of law: “Did the Tribunal fall into error in holding that the deduction claimed by assessee did not fall within what was permissible under section 48 (i) of the Income Tax Act?” Thus once question of law has been admitted by Jurisdictional High Court, the issue becomes debatable and no penalty can be levied under such circumstances. - Decided in favour of assessee
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